Omaha daily bee., 1887-06-21
The SPECULATIVE MARKETS
Wheat Opens the New Week Both Dull
and Lower.
STILL NERVOUS.
Corn Weak at Lower Range OF
Priccs-Oats Moderately Active
Under Large Offerings-M
ket Quotations.
CHICAGO PRODUCE MARKET.

CHICAGO, June 20.-ISpecial Telet ram to
the BEE. The wheat market was very dull
to-day, and prices averaged lower. Trade is
still nervous from the effects of the panic. and
there Is as yet small disposition among oper-
ators to branch out. The sudden burst of
activity In cash wheat observable immedi-
ately after the collapse has given place to a
queter feeling, though considerable is being
done, and the advance in ocean freight has
tended to check new business to limited
degree. But enough wheat will leave Chi
cagO to enable the now crowded elevators to
handle grain that Is received here, and in q
short period everything will be running
smoothly in the accustomed channel. The
average decline in prices in this market up to
l o'clock was ls6C92c. The best prices were
Obtainabie at or soon after the opening, when
June was quoted at 11sc, July at IT. s@12Hc,
August at 74}d, September at 76lac and De-
cember at s0&c. There was only limited
demand, and as the offerings were liberal,
the market steadily settled. good deal OF
property held since the reaction for more
favorable market came out. and the bears
were operating with considerable nerve.
The market having no solid support,
gave away, and the lower prices got
the weaker the situation looked. The
factor OF the greatest weakness was an
apparently well grounded report that carriers
were selling out their wheat the banks
evincing disposition to call their loans.
The bulk of offerings of June and July were
generally supposed to be for the account of
the carriers and banks, but as inquiry was
limited 1t was not found possible to dispose
OF very heavy lines on the decline. The
local stocks decreased during the week about
three quarters of a million bushels being
now nearly 10000 GOO bushels, and the bears
are operating on the theory that these stocks
VIII prove an influential menace to the mar
ket until they nre worked down to smaller
aggregate. The outside markets are weak
and lower in sympathy with Chicago, and
cables quote the foreign markets as inactive.
From the figures, above given, the decline
was only checked by occasional mild rallies,
and the O'CLOCK range was close to the bot
tom quotations, being 7o1sc for June; tic for
for september The depreciation was greater
In September than any other month, being q
full &c. The market was not strong at any
time.
Reports of rain in the west, "l2l points in
Iowa." and lower prices for wheat had
weakening effect on corn to-day, and during
the regular session there was drop of
A@]fc. in all futures. A fairly good trade
was witnessed and in early dealings there
was quite free selling of September and Octo-
Der on country orders.
Oats were ouly moderately active and the
speculative offerings were largely increased
owing to the change in the weather cOndi-
tions. Prices were weak and lower, June
and July oats showinga break of &c, and
August and September of l4c. At o'clock
june was quoted at 25ssc July and Septem-
Der at 25Hc, and August at 25SSc.
Provision trades opened weak in slow
manner. The number present In the pit was
quite large, but there was little or no DISPOSE
to do anything, and quiet feel
business, in fact, barely reached moderate
volume, and barring strong undertOne the
market was practically featureless. Lard
averaged and closed trit1e under Saturdays
prices, but in short ribs there was no change.
Pork was held steady at S22.0O for cash and
June. Holders of the product were inclined
to take strong view of the situation and
were In no wise disheartened over the lin
tied character of trading
AFTERNOON SESSION. - The wheat
market gave way on the late late, board
has yet been reached, again breaking the rec
ord of twenty-five years. There seemed to
be no cause for the break beyond the gener
ally accepted theory that the banks were
calling their wheat loans, thus throwing a
reluctant market The shorts were the prln-
cpal buyers on the afternoon board. There
was no special excitement. Wheat was de-
moralized; June sold from &c to 6S1<c, clos
s ps f It. to SIS SIS ccsnyx sGy at s0S c early Ausus
721Sc; September fell from 745tc to 74l4c,
closing st 74as. >c,se CoTn was weaker, june
August 25%c asked. Pork was Quoled at
$500 for cash or June, with no tradiny.
Lard declined 21Sc and closed at 1928 for
SSn;smSs sns and july 2bs for rsg AHgus fO,
and July closing at S7.3O(07.S2lGc, August at
$7.4ckc, and September at $7.52k.